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Chinese Premier: China's Economy Maintains Steady and Sound Growth

"The Chinese economy has maintained a momentum of steady and sound growth this year"remarked by Li Keqiang, the Chinese Premier, on the World Economic Forum's 11th Annual Meeting of the New Champions.

According to Premier Li, the first quarter of 2017 saw 6.9% growth of China's economy with marked improvement in economic performance, and major economic indicators have continued to move in a positive direction in the second quarter. Foreign exchange reserves have started to grow again, and the RMB exchange rate has been basically stable. In particular, employment has been strong with surveyed unemployment rate for urban areas falling to 4.91% in May, the lowest level in years. A number of international organizations and research institutes have recently revised up China's growth forecasts.

With solid performance of economic indicators, China feels even more encouraged by valuable changed in our economic structure. In recent years, China has not resorted to strong stimulus measures. Instead, it has kept re-adjusting its economic structure through reform and innovation and secured a major shift from too much reliance on export and investment to generating growth through consumption, the service sector and domestic demand. Last year, consumption become a primary growth driver of China's economy, contributing 64.6% to growth; The added value of the service sector accounted for more than half, or 51.6% of GDP; Current account balance to GDP ratio dropped to 1.8% showing that domestic demand has become a strong pillar of the economy. These major changes point to the qualitative improvement in the Chinese economy and have made our growth more stable and sustainable.

The World Economic Forum's 11th Annual Meeting of the New Champions took place on 27-29 June in Dalian, a major city in Northeast China. Convening under the theme Achieving Inclusive Growth in the Fourth Industrial Revolution, nearly 2,000 business leaders, policy-makers and experts from over 80 countries will explore more than 200 sessions over the three days of the meeting.

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